Wednesday, July 22, 2015

#MakeMyTrip to invest $15 mn in #HolidayIQ

MakeMyTrip will buy around 28 per cent stake in holiday information portal HolidayIQ for $15 million (Rs 95 crore). It has signed an agreement for the acquisition of a minority stake.Speaking on the investment, Deep Kalra, Founder and Group CEO, MakeMyTrip.com said, “HolidayIQ operates in a very exciting space in the Indian online travel market. Their pace and appetite for innovation matches ours, and we see great synergy in our focus on Hotels and Mobile. The opportunity to drive scale jointly is fairly significant.”
"This capital gives us additional resources to expand quickly and strategically and accelerate pace of product innovation. We look forward to working closely with MMT in getting a much larger number of Indian travellers to participate in the creation of Indian traveller opinion," HolidayIQ Founder & CEO Hari Nair said.
The funds will mainly be used to further strengthen its capabilities on content, mobile and product, HolidayIQ said.Earlier, HolidayIQ had raised series A from Tiger Global and Accel Partner.